Rents May Go Up, Good Time to Buy A Coos Bay Home?

There is much talk in the real estate world about increasing rents.  The decrease in home ownership caused by the bursting of the nation’s housing bubble, combined with an increase in renters has put a big demand on rental markets across the country.  This demand is creating a competitive market that is allowing a climate for rents to increase.

This is a prime example of how owning a Coos Bay home can be more beneficial than renting in certain markets.  Housing is more affordable than it has been in years in the majority of the United States.  Mortgage rates are low, inventories are high, and home values are still falling.  In areas where a monthly mortgage payment is the same or less than monthly rent, home ownership is a wise investment.

The National Association of Realtors has been hosting “Home Ownership Matters”, visiting cities across the nation and educating people on the values of home ownership.  A staggering statistic that they show is that the majority of home owners have a net worth of more than 30 times that of renters.

The mere fact that rents can go up as much as 10%, whereas fixed rate mortgage rates stay the same, make buying a Coos Bay home in today’s market smarter than renting, for those that can afford to buy a home.  Rent is, in essence, paying someone else’s mortgage.

Stop paying someone else's mortage today and contact Jan Delimont, a Coos Bay Realtor, about Coos Bay real estate for sale.  Jan Delimont can be reached at 541-290-1850 or by email.

Click here to read an article from CNN Money regarding the expected increase in rent.